Delphi Selling Off Power Products Division
Delphi Corp. will sell its power products division to Strattec Security Corp., according to a recent report from the Associated Press. According to the report, Delphi will sell the division, which makes automobile locks, to Strattec for $7.8 million.
Derek Kaufman, Author of Telematics Study, to Address 2008 Aftermarket eForum
BETHESDA, Md. – The author of an industry study on telematics will present his findings and recommendations at the 2008 Aftermarket eForum, July 14-16 at the Hyatt Regency O’Hare in Chicago. Derek Kaufman, president of C3 Network, has performed extensive research on telematics in both the automotive and heavy duty aftermarkets. Telematics is beginning to
Modine Reports Fourth Quarter, Full Year 2008 Results
Modine Manufacturing Co. has reported fourth quarter fiscal 2008 net sales of $478.5 million, a loss from continuing operations before income taxes of $27.5 million and a loss from continuing operations of $40.3 million, or $1.26 per fully diluted share. Included in these results are repositioning charges of $8 million in connection with the company’s announced restructuring in its North American and European operations, long-lived asset impairment charges of approximately $16 million, including $12.1 million related to the company’s Korean operations, and a valuation allowance charge of $6.7 million recorded against its Korean net deferred tax assets. In addition, the company continues to be unable to benefit from taxable losses in the U.S., resulting in incremental valuation allowance charges of $17.6 million during the fourth quarter.
GAAS 2008: Private Equity and the Aftermarket
“You can hardly pick up a newspaper without reading about the multi billion dollar funds buying up everything, everywhere, in every country,” said Dan Smith, president of Capstone Financial Group. Smith led a panel discussion on private equity at the 2008 Global Automotive Aftermarket Symposium in Chicago.
LIVE FROM GAAS: Aftermarket Must Communicate with Service Technicians, Panel Says
The rapid increase in global sourcing of parts requires that aftermarket manufacturers provide more information to service technicians, Steve Handschuh, president and COO of the Automotive Aftermarket Suppliers Association, and Ron Pyle, chief executive of the Automotive Service Association, told attendees of the Global Automotive Aftermarket Symposium. “The repair technician is confused about what’s in the box anymore,” Handschuh said. “We have the end-user who may have been forgotten or neglected.”
LIVE FROM GAAS: Former Legislator — Get to Know Your Elected Officials
By Mark Phillips Former Florida House of Representatives member Leslie Waters believes aftermarket executives need to be engaged with local politicians because their businesses could depend on it. “Are you for good government?” Waters asked the Global Automotive Aftermarket Symposium audience on Tuesday. “What is good government? Good government is not those gray granite buildings
Tales from the Track: Dave Caracci Takes Us Behind the Scenes at Sebring
Dave Caracci, retired VP from Robert Bosch, has returned to his first love – racing. In this multi-part series, Caracci takes us behind the scenes on the road with Prime Time Racing, where he serves as Logistics Engineer. Stay tuned for more notes from Caracci’s race team travel journal.
AutoZone Third Quarter Sales Increase 3 Percent
AutoZone has reported net sales of $1.5 billion for its third quarter (12 weeks) ended May 3, an increase of 3 percent from fiscal third quarter 2007. Domestic same store sales, or sales for stores open at least one year, decreased 0.3 percent for the quarter. Net income for the quarter increased 4.6 percent over the same period last year to $158.6 million, while diluted earnings per share increased 14.7 percent to $2.49 per share from $2.17 per share in the year-ago quarter.
ASA Announces New Board of Directors at 2008 Celebration of Excellence
BEDFORD , Texas – The Automotive Service Association (ASA) has announced its new board of directors, installed during the association’s Annual Convention May 1-3 in Santa Clara , Calif. The installation of the board took place during ASA’s Celebration of Excellence May 3. Reggie Denney, AAM, Reggie Denney Auto Repair, Eden , N.C. , was
Delphi Files Legal Action Against Appaloosa Management and Other Plan Investors
Delphi Corp. has filed complaints against Appaloosa Management L.P. and eight other plan investors and related parties who the company said on Apr. 4 refused to honor their equity financing commitment of up to $2.55 billion and refused to participate in the closing that would have led to Delphi’s successful emergence from Chapter 11 last month. Delphi’s court filing alleges that the plan investors schemed to avoid their obligations rather than fulfill them.